Petrol prices across Narrandera jumped to a new high last week, with local service stations charging almost $1.80 for a litre of Unleaded 91.
The average unleaded petrol price in Narrandera was $1.77.4 per litre.
The town’s motorists could be forgiven for pointing the finger at nations throughout the world which are flexing their military might.
Locals are being slugged and hit hard in the pocket every time they put fuel in their vehicles, as the cost per litre of fuel reached a record high due to events occurring overseas.
A NRMA spokesperson said one of the main reasons for the spike in fuel costs was due to military tensions around the world, especially between Russia and Ukraine.
”Currently, prices are at record highs due to volatile global conditions, in particular tensions in Ukraine and a lack of oil supply from northern Africa and the Middle East, driven largely by the conflict in Yemen,” the spokesperson said.
”We find regional prices are generally tied to international factors and the wholesale petrol price which at 1.65 is the highest it has ever been.
”In metropolitan areas where there is greater competition, there are more regular price cycles that are disconnected from the larger market.
”After long periods of discounting fuel to remain competitive, prices can often increase far beyond the wholesale prices.
”Another smaller factor in some regional towns is lower demand, although we are finding in recent months the price of diesel, which generally has higher demand in the regions, is currently increasing.”
The NRMA spokesperson said the multinational oil cartel was releasing less oil, which had also contributed to the price hike.
The spokesperson confirmed statewide average prices for fuel had risen and were continuing to soar, with no expectations of prices decreasing in the near future.
“There’s no good news,” the spokesperson said.
An Australian Bureau of Statistics report has revealed petrol prices have broken a 32-year record.
This article appeared in the Narrandera Argus, 24 February 2022.